Reorg Blog

Reorg has compiled a non-exhaustive list of almost 100 onshore bond principal and coupon payment extensions which occurred in 2022 and January 2023, conducted by 15 Chinese real estate developers with offshore USD note issuances within Reorg’s scope of coverage. This summary analysis compares and contrasts the revised repayment schedule and credit enhancements offered under these extensions. Highlights The contrasting “piecemeal” approach involves principal payment extensions of around one year for individual onshore bonds.In exchange for onshore principal payment extensions, issuers have pledged equity stakes in onshore project companies as credit enhancements for onshore bondholders.The impact of these types of...

Editor’s Note: Below is the latest in Reorg’s Expert Views series: an article written by Martin J. Bienenstock and Vincent Indelicato of Proskauer Rose LLP. Date originally published: Mon 03/13/2023 02:41 PM GMT Over the last several days, alternative capital providers have raced to identify new money opportunities exacerbated by distress across the regional banking sector, from bidding on deposit claims to structuring rescue loans for portfolio companies with imminent payroll obligations. This underwriting exercise inevitably brings into focus one very important question: What happens when a holding company of an FDIC-insured bank subsidiary files for chapter 11? One answer...

Throughout the year, Reorg hosts webinars bringing together industry professionals to discuss themes in the performing, distressed, restructuring and post-reorg credit markets. Watch the replay here. Reorg hosted a webinar on Thursday, March 23, where we discussed the fallout from the failure of Silicon Valley Bank, and the subsequent bankruptcy filing by its holding company Silicon Valley Bank Financial Corp. We discussed regulatory responses, legal processes that would affect creditor recoveries and the variety of risks and opportunities for investors stemming from the emerging pressures in the financial system caused by recent market events. In particular, we discussed the playbook...

After several turbulent days during which some $42 billion of deposits was yanked from Silicon Valley Bank, the bank’s holding company, SVB Financial Group, was placed into Federal Deposit Insurance Corp. receivership on Friday, March 10. The news sent shock waves across global markets, and the extent of repercussions from the financier's collapse on startups and financial services in general remains unknown. To help our subscribers stay on top of a rapidly evolving situation, Reorg’s editorial team published a series of articles, including a snapshot of the bank’s financial liabilities, counterparties that might suffer from its failure, an insight piece...

2022 saw the China real estate sector undergoing unprecedented offshore and onshore debt restructurings. Toward the end of the year, three policy “arrows” aimed at improving developers’ financial conditions were fired, along with the release of other stimulus policies. Will 2023 bring about a fresh start for the industry? What will a recovery of the housing market look like? How will messages coming out of the “two sessions” (两会) affect the prospects? What lessons can be drawn from 2022? On Tuesday, March 28, Reorg will be hosting a webinar featuring Robert Ciemniak, founder and CEO of Real Estate Foresight, and...

Reorg is combining the extensive coverage of Aggredium and FinDox Analytics, and leveraging the best features of both platforms to create an even more powerful solution: Fundamentals by Reorg. As we work to finalize and roll out this solution we’ll keep you posted on new content and capabilities you’ll have access to. This expanded platform provides the largest set of fundamental financial data on both private and public subinvestment grade companies in Europe and the U.S., and leverage the best features of both platforms, including: Best-in-class library of 2,500+ financial models on private and public sub-investment-grade loan and bond issuers...